The Trump administration has issued more than 5 million loans as part of federal economic relief for small businesses amid the coronavirus pandemic.
Tens of thousands of loans issued by the Trump administration as part an economic relief program for small businesses struggling amid the coronavirus pandemic face a “high risk of fraud, waste or abuse,” according to a report issued Tuesday by a House panel.
In its report Tuesday, the House subcommittee found over $1 billion in loans went to companies that received multiple PPP loans ― a violation of the program’s rules. The subcommittee also said over $96 million went to companies that were ineligible for the program or had been flagged for potential fraud.
“A lack of oversight and accountability from SBA and Treasury may have led to billions of dollars being diverted to fraud, waste, and abuse, rather than reaching small businesses truly in need,” Clyburn said in his statement.
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